South Korea joins more than 30 jurisdictions restricting Polymarket access
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
South Korea has restricted access to the prediction market Polymarket, citing violations of the country’s Criminal and National Sports Promotion Acts related to gambling. The Korea Media and Communications Standards Commission approved blocking Polymarket after concluding it facilitates crypto-based gambling, despite the platform’s argument that it operates as a peer-to-peer network. South Korea joins over 30 jurisdictions, including France and Spain, that have taken similar actions against Polymarket.
Why it matters
This regulatory move signals increasing governmental scrutiny of crypto-based prediction markets due to gambling concerns. Blocking Polymarket reflects South Korea’s intent to enforce laws to prevent illegal gambling facilitated through digital platforms. The development highlights growing international regulatory challenges for platforms offering event-based prediction markets.
Key context
Polymarket allows users to trade yes-or-no contracts on real-world events such as elections, sports, and economic data. Despite the company removing Korean-language services and not accepting the won currency, regulators argued it still manages market rules and crypto transactions, constituting gambling activity under South Korean law. The review began after requests from the National Police Agency and the National Gambling Control Commission, with police separately investigating local users for suspected illegal gambling.
Key numbers and entities
Named entities include South Korea’s Korea Media and Communications Standards Commission, National Police Agency, National Gambling Control Commission, and other jurisdictions like France, Spain, Indonesia, Argentina, and Ukraine restricting Polymarket. Polymarket is noted as one of the largest prediction markets alongside Kalshi. Polymarket currently lists 39 countries as fully restricted, but South Korea is not yet included on that list.
What remains unclear
The source does not provide Polymarket’s detailed response or plans following South Korea’s decision. The exact scope and impact of enforcement on South Korean users remain undiscussed. The source does not specify whether South Korea will formally add Polymarket to its list of restricted countries or if further legal actions are planned.